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Digital Forensics Market to Reach $4,291.4 Million By 2023: Study

October 20, 2016

Digital Forensics & E-discovery

The latest market report published by Credence Research, Inc. “Global Digital Forensics Market– Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” found the digital forensics market to be valued at USD 1,880.5 Mn in 2015, and predicted it to reach USD 4,291.4 Mn by 2023, expanding at a CAGR of 10.8% from 2016 to 2023.

Digital forensics is a branch of forensic science encompassing the recovery and investigation of material found in digital devices, often in relation to computer crime. Digital forensics investigations have a variety of applications.

The world is now wholly dependent on digital devices and this space is continuously evolving. For over a decade, personal computers are being surpassed by mobile devices.

Moreover, technologies such as cloud and internet of things are deeply penetrating the IT space defining the future of the cyber world, making digital information more distributed than ever.

Computer forensics was observed to be the largest segment and is anticipated to maintain its lead during the forecast period of 2016 – 2023. The key factors assisting the growth of computer forensics include increased organizational spending in their information technology budgets for computer and network security. In terms service type, the global digital forensic market is segmented into digital investigation and consulting, system integration, incident response, training and education, and support and maintenance.

In 2015, digital investigation and consulting service was observed as the largest segment in global digital forensics market because investigation of root cause in every cyber attack along with full extent of the breach and analyzing depth of infiltration in the system is important and digital investigation and consulting play vital role in this process.

The geographical segmentation of global digital forensics market comprises North America, Europe, Asia-Pacific, Latin America and Middle East & Africa further segmented into key countries with highest potential in digital forensics market. Increasing demand for forensics in North America is mainly exhibited from the defense sectors, major IT companies, banking sectors, and law enforcement.